Oil prices jump after Netanyahu announcement; stocks dip

Oil prices rallied on Monday after Israel Prime Minister Benjamin Netanyahu said Iran had lied about pursuing nuclear weapons after signing a 2015 deal with global powers, while global stock indexes dipped with the S&P 500 led down by losses in technology, APA reports quoting Reuters.

Netanyahu said Iran had continued to preserve and expand its nuclear weapons knowledge after the deal.

U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after the 2015 agreement over its nuclear program.

U.S. crude CLcv1 rose 0.87 percent to $68.69 per barrel and Brent LCOcv1 was last at $74.79, up 1.36 percent.

“The immediate worry would be that the Trump administration ditches the Iran deal, causing oil prices to go up... but the bigger (issue) is - would it lead to a larger confrontation militarily in the Mideast,” said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida.

In the U.S. equity market, top tech names including Microsoft Corp (MSFT.O) were among the biggest weights on the S&P 500.

Earnings and deal news provided some support. Starting off another busy week for first-quarter earnings, McDonald Corp’s (MCD.N) reported a better-than-expected rise in sales and its shares jumped 4.3 percent. Apple Inc (AAPL.O) is set to report on Tuesday.